InMed Pharmaceuticals (NASDAQ:INM) Major Shareholder Adar1 Capital Management, Llc Acquires 16,431 Shares of Stock

InMed Pharmaceuticals Inc. (NASDAQ:INM) major shareholder Adar1 Capital Management, Llc bought 16,431 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was acquired at an average price of $1.33 per share, for a total transaction of $21,853.23. Following the completion of the acquisition, the insider directly owned 908,532 shares in the company, valued at approximately $1,208,347.56. This represents a 1.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Adar1 Capital Management, Llc also recently made the following trade(s):

• On Monday, October 5th, Adar1 Capital Management, Llc acquired 18,182 shares of InMed Pharmaceuticals stock. The shares were bought at an average price of $1.33 per share, with a total value of $24,182.06.
• On Friday, October 2nd, Adar1 Capital Management, Llc acquired 8,307 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.33 per share, with a total value of $11,048.31.
• On Monday, September 14th, Adar1 Capital Management, Llc bought 28,505 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.29 per share, for a total transaction of $36,771.45.
• On Wednesday, September 16th, Adar1 Capital Management, Llc bought 8,340 shares of InMed Pharmaceuticals stock. The shares were bought at an average cost of $1.29 per share, with a total value of $10,758.60.
• On Tuesday, September 15th, Adar1 Capital Management, Llc purchased 54,256 shares of InMed Pharmaceuticals stock. The stock was bought at an average price of $1.30 per share, with a total value of $70,532.80.

InMed Pharmaceuticals Price Performance

NASDAQ INM remained flat at $1.33 on Monday. The company’s stock had a trading volume of 29,570 shares, compared to its average volume of 887,905. The company’s fifty day moving average price is $1.41 and its 200 day moving average price is $1.26. The company has a market cap of $4.40 million, a price-to-earnings ratio of -0.81 and a beta of 0.93. InMed Pharmaceuticals Inc. has a 12-month low of $0.57 and a 12-month high of $2.50.

InMed Pharmaceuticals (NASDAQ:INM) last posted its quarterly earnings data on Wednesday, September 9th. The company reported ($1.43) EPS for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of InMed Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, InMed Pharmaceuticals currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On InMed Pharmaceuticals

An institutional investor recently bought a new stake in InMed Pharmaceuticals stock. Montanova Capital LLC acquired a new position in shares of InMed Pharmaceuticals Inc. (NASDAQ:INM) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 100,000 shares of the company’s stock, valued at approximately $155,000. Montanova Capital LLC owned approximately 3.02% of InMed Pharmaceuticals at the end of the most recent quarter. 20.12% of the stock is owned by hedge funds and other institutional investors.

About InMed Pharmaceuticals

InMed Pharmaceuticals Inc is a biopharmaceutical company focused on the discovery and development of pharmaceutical products based on rare cannabinoids. The company combines cannabinoid science with drug-development expertise to investigate potential treatments for diseases with significant unmet medical needs.

Its research pipeline has included INM-901, an investigational rare-cannabinoid therapy being developed for Alzheimer’s disease, as well as earlier programs targeting conditions such as epidermolysis bullosa and glaucoma.